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Insurance industry meets to discuss challenges aheadThe Australian insurance industry’s biggest gathering of the year begins in Sydney this weekend, with discussion about how the industry will emerge from the recent economic turmoil high on the agenda. The National Insurance Brokers Association (NIBA) 27th Annual Convention will draw more than 800 brokers and other industry representatives to Sydney’s Darling Harbour for the three day conference, beginning on Sunday. NIBA Chief Executive, Noel Pettersen said: “Insurance is never a popular dinner party topic, yet we do an enormous amount of good in providing protection for business and the community. Our world becomes a riskier place every day and the industry plays a crucial role in maintaining economic stability. “NIBA’s most recent broker survey shows that the market is hardening, with gradual premium increases in all classes of insurance. The challenge for underwriters will be to price risk adequately so the market remains strong and viable. “The most significant impact of the global economic crisis on insurance intermediaries has been the erosion of business confidence and a corresponding desire by clients to cut back on insurance costs. “The events of the past year have highlighted the importance of proper insurance protection to the wider community. The challenge for brokers is to ensure their clients continue to recognise the value of specialised advice about their insurance cover and that they do not cut corners when it comes to protecting their livelihood. “More than ever, brokers will need to respond with innovative, cost effective and practical solutions. The Convention provides a great forum to discuss these issues.” Mr Pettersen said as business conditions improved, brokers would also need to ensure there were no skill shortages in the industry. “That is why we will continue to nurture the emerging generation and do what we can to promote insurance broking as a profession of choice for school and university leavers. “We all have to be more active in selecting, recruiting and training the brokers of tomorrow and the Convention provides a glimpse of the industry that may provide the basis of a great future in insurance broking,” he said. ENDS For further information about the 27th Annual NIBA Convention go to http://www.niba.com.au/convention09/html/ For further information about NIBA contact Noel Pettersen on 02 9459-4300 NIBA is an independent industry association representing 500 firms and more than 2600 intermediaries, who handle almost 90% of the commercial insurance transacted in Australia. Brokers play a major role in insurance distribution, handling $10 billion in premiums annually and placing around half of Australia’s total insurance business. |
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